You are currently browsing the category archive for the ‘RMLS Market Action Report, RMLS Stats’ category.

Once again in our Portland metro real estate market, we are finding ourselves in yet another sellers’ market.  If you are still on the fence about selling your home, now is still a good time.  Prices are still increasing and in fact have increased by 3.6%.

Granted the appreciation level has slowed down.  Lake Oswego saw only 2.8% price appreciation within the last 12 months and pending sales in Lake Oswego/West Linn are down by -15.6% ytd. All in all, still a good time to buy and still a good time to sell. If you are waiting to do either, don’t wait too long!bettyjung.com

However, some agents are sweating low appraisals on listings and are receiving them, but there are still multiple offers in some areas and in certain price ranges.  Right now houses under $500,000 seem to be “hot”.  Investors buying multi-family properties are also facing multiple offers and well over list price offers are being accepted.

While listings are increasing, we still are not at a normal real estate market.  5-6 months of inventory is needed to be at what is considered “normal”.  Lake Oswego/West Linn currently has 2.9 months of inventory, a higher level than the Portland metro area at 2.2 months, but well below a normal market too. Again, if inventory of houses for sale does not increase, prices will continue to increase too as we have seen; albeit, not at a high level of appreciation as in the past however.  But summer is coming, and while most think that is a busy time, it is not.  There are weddings, graduations, vacations, etc etc which does slow down the market specifically in June. So if you are a buyer, June might reward you with making a good purchase.

bettyjung.com

April Residential Highlights

The Portland metro area saw mostly gains this April, with new listings leading the way.

There were 4,210 new listings, a 5.5% increase over April 2018 (3,990) and a 20.1% increase over the 3,504 offered last month in March 2019. This was the strongest April for new listings in the area since 2010, when 4,713 were offered.

Pending Sales

Pending sales, at 3,102 in April, increased 3.1% over April 2018 (3,008) and 13.3% over March 201 (2,738).

Closed Sales

There were 2,409 closings in the region in April, a 10.4% increase over March 2019 (2,183) but a decrease of 4.5% from the 2,523 closings recorded last year in April 2018.

Days On The Market

Total market time decreased in April to 53 days, with inventory holding steady at 2.2 months. There were 5,400 active residential listings in the Portland metro area in April.

Average And Median Sale Prices

Comparing 2019 to 2018 through April, the average sale price has increased 0.3% from $444,600 to
$445,900. In the same comparison, the median sale price has increased 1.2% from $395,000 to $399,600.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  Or check out my website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Advertisements

The latest stats were published yesterday from RMLS™ for February 2019.  We had some crazy weather this past month, and I don’t know how much that affected our Portland metro real estate market, but it usually does.

Instead of inventory increasing going into the busy Spring buying/selling real estate season, it is once again trending downward.  Inventory dropped, prices increased and days on the market is hovering around 75 days to sell a home.  The 75 days on the market is a clear sign that real estate continues its slow-down. Last year, the days on the market were 69 days as a comparison to this year.

Houses in some areas are still selling quickly and once again there are still multiple offers being seen.  This is not the trend throughout the entire Portland metro area, however. We are still in a sellers’ real estate market and nowhere near a balanced market, favoring both buyers and sellers.  If you are still waiting for a drop in prices, you may be waiting for quite a while, and they may never drop to levels where you hope they will.  Rates are historically low, and now is still a great time to purchase a home.

If you are wanting to sell, you most likely have seen a lot of equity in your home by now and this is a great opportunity for you to purchase a new home.

February Residential Highlights

Activity in Portland was mixed this February, but some gains were seen compared with last month.bettyjung.com

Closed Sales

Closed sales, at 1,726, rose 19.0% ahead of the 1,451 closings recorded last month in January 2019, but fell 4.4% short of the 1,806 closings recorded last year in February 2018.

Pending Sales

Pending sales (2,208) fared similarly, ending 5.5% under the 2,337 offers accepted in February 2018 but rising 8.0% over the 2,045 pending sales from January 2019.

New Listingsbettyjung.com

New listings, at 2,444, fell 3.4% short of February 2018 (2,530) and 19.8% short of January 2019 (3,048).
This was the coolest February for new listings in the Portland metro area since 2014, when 2,354 were put on the market.

Days on the Market

Total market time decreased by one day in February to end at 75 days. During the same period, inventory decreased to 2.7 months. There were 4,579 active residential listings in the Portland metro area
in February.

Average and Median Sale Pricesbettyjung.com

Comparing the average price of homes sold in the twelve months ending February 28th of this year ($452,100) with the average price of homes in the twelve months ending February 2018 ($432,200) shows an increase of 4.6%. In the same comparison, the median has increased 4.4% from $383,000 to
$400,000.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  Or check out my website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

RMLS™ MARKET ACTION REPORT JANUARY 2019

January Residential Highlights

New Listings

The Portland area saw an uptick of new listings to begin the year this January. There were 3,048 new listings, a 22.6% increase over January 2018 (2,486) and more than double the 1,255 new listings offered
last month in December 2018. The prior January that had more listings was in 2011, when 3,128 were
offered. There are reports indicating we have not had this many houses for sale in 7 years. Inventory is definitely creeping up, and Spring is just around the corner when Sellers really start putting their homes on the market for sale.bettyjung.com

Pending Sales

Pending sales, at 2,045, decreased 11.5% from January 2018 (2,311) but surged 27.9% ahead of the 1,599 offers that were accepted last month in December 2018..  Fewer and fewer multiple offers are being seen.  However, will Spring have a resurgence of those kind of offers.

Closed Sales

Closed sales, at 1,451, ended 10.9% cooler than last year in January 2018 (1,628) and 21.4% cooler than last month in December 2018 (1,846).

Inventory & Days On Market

Inventory rose to 3.3 months in January, with total market time rising to 76 days.  Days on the market has increased.  The days of hitting the market and selling instantly are over.  Hopefully, sellers are now in step with what is happening in our local real estate market in the Portland metro area.

Average and Median Sale Pricesbettyjung.com

Comparing the average price of homes sold in the twelve months ending January 31st of this year ($452,200) with the average price of homes in the twelve months ending January 2018 ($430,000)
shows an increase of 5.2%.

In the same comparison, the median has increased 5.3% from $380,000 to $400,000.

Lockbox Activity Decreases

I don’t normally post this statistic regarding lockbox activity – ie lockboxes that were opened for bettyjung.comshowings.  But, it indicates how weather affects selling real estate in the Pacific NW, particularly in the Portland metro area.  We had a false snowmageddon and I guess everyone decided to stay home and eat their kale (inside joke for Portlanders!).  They decided to stay home and not look at houses.  We get this stat weekly. This one covers February 4-10 and in fact, the following week was when we were expecting the worst of the snow.  Will post that stat next time to see if it was an even slower time.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

The year-end stats were published this week along with our December 2018 RMLS Market Action Report.

Portland Metro Average Price Changes Year To Date 2018

Here are the year-to-date average prices and % of increase for each Portland metro area in 2018:

  • North Portland = $419,900 = 4.3%
  • NE Portland = $469,300 = 4%
  • SE Portland = $419,100 = 5.9%
  • Gresham/Troutdale = $353,200 = 7.7%
  • Milwaukie/Clackamas = $428,800 = 4.6%
  • Oregon City/Canby = $420,900 = 7.1%
  • Lake Oswego/West Linn = $676,200 = 0.6%
  • West Portland = $612,700 = 3.8%
  • NW Washington County = $539,200 = 2.5%
  • Beaverton/Aloha = $393,900 = 8.6%
  • Tigard/Wilsonville = $462,500 = 6.3%
  • Hillsboro/Forest Grove = $394,700 = 5.9%
  • Mt. Hood = $321,000 = 5.2%
  • Columbia County = $297,000 = 7.8%
  • Yamhill County = $366,500 = 10.1%

I will be posting more stats for different school districts Lake Oswego in upcoming posts. Check back.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

This morning the December 2018 RMLS™ Market Action report was issued which reflects year-end stats.  In the coming days, I will break down those stats focusing on the different schools and neighborhoods within Lake Oswego and posts for the Portland metro area neighborhoods as well.

Year-End Stats 2018

The report shows a cooling in 2018 which actually started early in the year, and as I have been reporting here on my blog for many months now.  This is not a bad thing, as I have previously stated.  Our wild and crazy real estate market of the past several years could not continue and a cool-down has been welcomed.

Prices are still increasing, albeit not as quickly, because we are still in a sellers’ real estate market in the Portland metro area ending the year with 2.5 months of inventory. A “normal” market has 5-6 months of houses for sale, or under 7 months as per the National Association of REALTORS® (NAR)®.  Others in the real estate industry feel after 3 months’ inventory it becomes a normal market.  However, in either case, we are still a long way from a normal market let alone a buyers’ real estate market.

December Residential Highlights

December brought cooling across the board to the Portland metro area.

Pending Sales

Pending sales, at 1,599, fell 9.0% short of the 1,757 offers accepted last year in December 2017 and 16.0% short of the 1,904 offers accepted last month in November 2018.

Closed Sales

Closed sales (1,846) fared similarly, ending 21.4% lower than in December 2017 (2,350) and 13.9%
lower than in November 2018 (2,144). This is the coolest December for closings in Portland metro since
2013, when 1,821 were recorded.

New Listings

New listings, at 1,255, cooled 22.4% from December 2017 (1,617) and 45.7% from November 2018 (2,310).

Days On The Marketbettyjung.com

Total market time rose to 64 days in December, with inventory decreasing slightly to land at 2.5 months.

Year to Date Summary

Activity in 2018 was mixed compared to 2017. New listings (41,287) increased 1.2%. Pending sales (29,809) decreased 4.9% and closed sales (29,771) decreased 5.9%
this year.

Average and Median Sale Prices

Comparing 2018 to 2017 through December, the average sale price rose 5.5% from $428,700 to $452,400. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.

Selling Your Home In 2019

Sellers need at this point to re-educate themselves as to the market conditions since they may be used to houses selling instantly.  Now, with 64 days’ market time, and a slower market, sellers will need to adjust their expectations.  It still comes down to price, condition and location.  Those tenents have not changed as long as I have been selling real estate, now going into my 41st year. Regardless of the market, good, or bad, it always comes down to those three. It used to also be dependent upon terms.  However, now with all the various financing programs, that no longer enters into the picture as often.

Recession?

I have written about this topic on several occasions and have also included a long article in my January 2019 real estate newsletter – Jung’s Journal.  Whether there is or isn’t another recession on the horizon, there are always reasons to buy and/or sell.  Having been through 6 or 7+ recessions now, I can guarantee you that houses still sell and buyers still purchase a home.

Apprecition

The areas that had the highest appreciation rate in 2018 were Yamhill County #1, Beaverton/Aloha #2 and Gresham/Troutdale #3. The over-all Portland metro area had a 5.6% appreciation rate.  I will break down the appreciation rates for all the areas in another post.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

bettyjung.comI wrote a post regarding sold stats for Lake Oswego real estate zip codes 97034 and 97035 for February to July 2018.  Here is the link to that post. It is time to update that post now. 

Lake Oswego Real Estate Year-End Sold Stats

In the post referenced above, it showed there was a slow-down in our Lake Oswego real estate market starting in July 2018.  That actually continued throughout the balance of 2018 as noted below:

  • August 2018 – 74 houses sold = average sold price $934,038
  • September 2018 – 68 houses sold = average sold price $869,819
  • October 2018- 61 houses sold = average sold price $960,121
  • November 2018 – 39 houses sold = average sold price $871,622
  • December 2018 – 52 houses sold = average sold price $794,069

While sales did slow down in Lake Oswego, it is still a sellers’ market.  For those of you waiting for prices to drop, just know that as interest rates increase it will cost you more.  However, we started the New Year with interest rates decreasing.  It is a good time to buy.  As soon as it might become a buyer’s market, you may also see higher rates, so you really have gained nothing by waiting.

2019 LAKE OSWEGO REAL ESTATE STATS

As soon as our RMLS™ Market Action Update is issued for December 2018, I will be able to post year-end stats.  That should be most likely this next week.

If you are thinking of selling, now rather than later may be a good time to put your home on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are are still low and there is still buyer demand. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2019. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

 

Our latest stats were posted during this past week and I, as always, seem to be late in posting them.

These stats are for November and represent the latest from RMLS™.  They are not the year-end stats.  Those will come out mid-January and will be interesting compared to other years.

You don’t have to be an economist to know that our Portland metro real estate markets started to slow down in June 2018. So many reports in the media seem to think this is a bad thing.  It is not.  Our crazy market over the last few years could not sustain itself and continue.bettyjung.com

We are heading to a more normal market, as I have been reporting for quite a while now.  Days on the market have increased, inventory has increased, and prices still continue to increase, although not at the rapid rate or at the double digits they had been.

We had snow over the beginning of 2018, and as you can see from the chart, we also had more inventory than usual in January 2018.

Buyers seem to be hanging tough and waiting for prices to drop.  I frankly don’t see that happening in the near future, although the days of houses selling before the ink is dry or sign gets in the yard, seem to be slowing; as well as multiple offers, although they are still happening in some areas.

Market Action Report November 2018 

November Residential Highlight

Portland saw some cooler activity this November.

New Listings

New listings, at 2,310, fell 4.4% short of the 2,416 new listings offered last year in
November 2017 and 25.5% short of the 3,100 new listings offered last month in October 2018.

Closed Sales

Closed sales (2,144) fared similarly, cooling 10.2% from November 2017 (2,387) and 12.1% from October 2018 (2,440).

Pending Sales

Pending sales (1,904) ended 19.7% under the 2,371 offers accepted last year in November 2017 and 23.3% under the 2,484 offers accepted last month in October 2018. The last November with fewer pending listings was in 2013, when 1,827 offers were accepted.

Days On The Market

Total market time rose to 57 days in November, with inventory increasing slightly to 2.8 months.

Year to Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (39,974) are up 2.2%. Pending sales (28,290) and closed sales (27,786) are down 4.5% for the year so far.

Average and Median Sale Prices

Comparing 2018 to 2017 through November of each year, the average sale price rose 5.6%from$429,000 to $453,100. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of Federal copyright law.

As a REALTOR® and a paid subscriber to our local RMLS™, there is lots of information and many reports we have access to.  One is a daily Hot Sheet.

REAL ESTATE HOT SHEET

Every day in our RMLS™ we have access to up-to-the minute information on real estate in any of our local real estate markets.  As agents, we generally, set up our own hot sheet for those areas we are interested in receiving information about.

The minute something comes on the market as a “coming soon” listing, a new listing, price changes, a pending sale, a sold, a property that has come off the market (expired, cancelled or withdrawn), sold and not listed, we are notified almost instantly as to when that happens.

LAKE OSWEGO REAL ESTATE HOT SHEET

For example, here’s a recap of this week’s hot sheet for Lake Oswego Real Estate: Monday, November 12 to Friday, November 16, 2018:

Monday – 2 new listings, 3 price changes, 3 pending sales

Tuesday – 3 new listings, 5 pending sales, 1 expired off the market, 1 sold

Wednesday – 1 coming soon listing, 3 listings back on the market, 4 price changes, 3 pending sales, 1                            expired off the market, 4 sold

Thursday – 5 new listings, 1 back on the market, 3 price changes, 3 pending sales, 1 sold

Friday – 1 coming soon, 6 new listings, 3 price changes, 2 pending sales, 4 expired off the market, 2 sold

Who knows what the weekend will bring?

The hot sheet also gives me a clue about current trends.  Are we seeing a lot of price reductions?  Are a lot of houses coming off the market via either expired or cancelled listings?  The daily hot sheet gives me a daily look at where we are heading.  Looking at the daily Hot Sheet gives me an overall view of the current state of our market.

PROPERTY ALERTS

While the public does not have access to the above information, you can receive property alerts from me.  As soon as a new listing comes on the market for properties you are searching, or real estate activity in your neighborhood or street, or an area you are interested in, I can arrange for you to receive instant property alerts.

Just send me an email to betty@bettyjung(dot)com and I will be happy to arrange that you receive this information.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of Federal copyright law.

bettyjung.comOur monthly RMLS™ Market Action report was issued with the latest stats for October 2018. We are still in a sellers’ real estate market in the Portland metro areas. We still have a very low inventory of houses for sale.

While many sellers are feeling a slow down, which is typical for this time of year, we are still in a market favoring sellers. Also, some sellers are getting anxious, but our Real Estate market is not “dead” as some have recently said to me.

Our real estate market locally is just edging towards a more normal time.  We had been facing a crazy and hot market with houses selling even before the ink dried on listing agreements and with multiple offers. That was not a normal market and it could not continue. There are lots of factors in play causing the slow down but like anything, in a blink of an eye, everything could change again.

I recently read that one economist said we most likely won’t even reach a “normal” real estate market (favoring both buyers and sellers) until mid-2019.  That will be a normal market and not a market favoring buyers. But, again, no one knows for sure.

As I have always said in this blog, I feel that as long as our inventory remains low, prices will continue to increase.

October Residential Highlights

Portland metro saw some mixed numbers this October, but new listings showed a gain compared with last year.

NEW LISTINGS

At 3,100, new listings rose 4.0% above the 2,981 new listings offered last year in October 2017, despite ending 14.0% under the 3,606 new listings offered last month in September 2018. This was the strongest October for new listings in the area since 2010 when 3,119 were offered.

CLOSED SALES

Closed sales (2,440) fell 4.9% short of October 2017 when 2,565 closings were recorded but improved 7.4% over last month in September 2018, when 2,272 closings were recorded.

PENDING SALES

Pending sales, at 2,484, fared similarly, decreasing 8.2% from October 2017 (2,705) but pushing 0.5% past the 2,471 offers accepted last month in September 2018.

INVENTORY

Inventory decreased to 2.7 months in October, with total market time creeping up to 53 days. There were 6,550 active residential listings in the Portland metro area this October.

Year to Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (37,620) are up 2.7%. Pending sales (26,484) are down 3.3% and closed sales (25,551) are down 3.8% for the year so far.

Average and Median Sale Prices

Comparing 2018 to 2017 through October of each year, the average sale price rose 5.6% from $429,400 to $453,600. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.

LAKE OSWEGO REAL ESTATE MARKET STATS

Unfortunately, for our monthly stats, our RMLS™ Market Action Report does not break down the stats for Lake Oswego only.  West Linn is included in these numbers:

OCTOBER 2018

# Months Inventory – 3.7

Total Active Listings for the month – 454

New Listings This Month – 153

Closed Sales for the Month – 121

Days on the Market – 75 days

Average Sales Price – $714,500

YTD Price Change – +2.6%

# of Houses Coming Off the Market (Either Expired or Cancelled) – 102

Pending Sales for the month – 101

# of Pending Sales – -17.2%

SEPTEMBER 2018

# Months Inventory – 3.5

Total Active Listings for the month – 507

New Listings This Month – 183

Closed Sales for the Month – 141

Days on the Market – 61 days

Average Sales Price – $627,000

YTD Price Change – +3.4%

# of Houses Coming Off the Market (Either Expired or Cancelled) – 80

Pending Sales for the month – 122

# of Pending Sales – -9.6%

There were big changes just from September to October 2018 in the Lake Oswego/West Linn real estate markets.  You can definitely see the slow down although prices still increased.

All these statistics are in the rear view mirror, last month.  It is hard to predict the future, but going forward towards Winter and the Holidays, I am sure these stats will once again change significantly. If your property is still listed from the Summer months, and haven’t lowered your price, you are “behind” the market and not “ahead” of the market conditions.  You need to lower your price!

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of Federal copyright law.

The latest market action report was issued this past week for September 2018.  As I have been posting here for the last few months, there has been a slowdown or lull, if you will, in our Portland metro real estate markets.  Sometimes this is typical for this time of year yet it seems there are other forces in place this time around. In addition, I have repeatedly said, as long as inventory remains low, housing prices will continue to appreciate.

SEPTEMBER 2018 RMLS MARKET ACTION REPORT

All that has changed in a mere few months. The months’ inventory has increased, days on the market to sell are longer, we are seeing more price reductions and interest rates have climbed.  All this has impacted our market.  In addition, we are seeing fewer people moving to Oregon. There is also buyer reluctance in play.

September Residential Highlights

Cooler numbers came to the Portland metro area this September.

New Listings

New listings (3,606) fell 1.0% short of the 3,644 new listings offered last year in September 2017 and 14.4% short of the 4,214 new listings offered last month in August 2018.bettyjung.com

Pending Sales

Similarly, pending sales (2,471) decreased 9.5% from September 2017 (2,730) and 10.5% from August 2018 (2,760).

Closed Sales

There were 2,272 closings in September, a 14.6% decrease from September 2017 (2,660) and a 23.4% decrease from August 2018 when 2,967 closings were recorded.

Inventory

September saw inventory rise to 3.1 months, with total market time rising by five days to 45 days.

There were 7,082 active residential listings on the market in the Portland metro area in September.

We haven’t hit 3.1 months of inventory since April 2013. An old rule of thumb was 5-6 months of inventory to be a “normal” market, however, recent market changes since the recession seem to indicate that 4 months of inventory seems to be a more balanced (or accurate) level of homes for sale and to now label it as a normal real estate market. In any case, the number of house for sale is increasing and there is more competition for your house if it is for sale. Buyers are now seeing more homes to choose from.  As this level continues to increase, multiple offers will most likely not be as much a part of our market as it has been.

Year to Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (34,440) are up 2.6%. Pending sales (24,161) are down 2.8% and closed sales (22,983) are down 3.5% for the year so far.

Average and Median Sale Prices

Comparing 2018 to 2017 through September of each year, the average sale price rose 5.8% from $428,800 to $453,800. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.  Prices are leveling off and not increasing at such a quick pace.

Pricing

If your home has been on the market since Spring or even since Summer, it is definitely time to review your pricing.  If you had an “anything goes price” on your home, you most likely should be questioning what price you should reduce your home to if you want it sold.  In fact, a new price should have been on your radar long before today.

Buyers are holding back making offers based on having looked at many homes and comparing them to yours.  They are knowledgeable as to what a home is worth in today’s changing real estate market and it is important your home is priced to sell from the very beginning. In addition, increased interest rates are causing them to review their purchasing power.

Lake Oswego Real Estate

The Lake Oswego/West Linn real estate market currently has 3.6 months of inventory.  Inventory has increased since last month and we are heading to a more balanced market (favoring both buyers and sellers).

Past real estate experience has taught me we won’t linger in that “balanced” market mode for long.  Once we reach a balanced market, it will most likely quickly shift to a buyer’s market. We are not at a buyer’s market yet.  But as inventory increases, if interest rates climb, and the Winter real estate market takes hold, we could very likely be looking at a buyer’s market towards the end of this year.

There is never a “perfect” time to buy.  Either prices go up, or interest rates go up.  Whether you are renting or buying, there is a mortgage to be paid.  You are either paying off your landlord’s mortgage and helping him get rich, or you are purchasing and increasing your equity and/or financial pocket.

The only time I have ever seen a perfect market was during this last recession, when both prices and rates were low. If you purchased during those years, your equity has grown. If you are “waiting” you may be waiting a long time again, if ever, to see that perfect storm.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright law.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 3,861 other followers

Archives

Visitors

  • 9,637 hits

Betty’s Copyright

(c) Betty Jung 2008-2019.

All photos and content are copyright protected and may not be reproduced in any form.

DMCA Copyright Logo

© ALL ABOUT.....Lake Oswego Real Estate.

All Rights Reserved.

Advertisements